The House of Representatives has called on the Central Bank of Nigeria (CBN) to speed up the circulation of newly printed N200, N500, and N1,000 banknotes and also initiate a phased withdrawal of the older currency from circulation.
This, the legislators said was necessary, to meet the December 31, 2024 deadline for the old notes to cease being legal tender, based on a ruling by the Supreme Court.
The House passed the resolution in response to a motion by Adam Victor Ogene (LP, Anambra), and emphasised the urgency of increasing the availability of new notes across Nigeria’s banking system to avoid potential disruptions in the economy.
The motion called for the CBN to ensure that commercial banks are adequately supplied with the new notes to meet the demands of the public, while simultaneously withdrawing the old notes from circulation in a structured manner.
Ogene pointed out that without immediate intervention from the CBN, the country risks facing significant economic challenges as the deadline for the old notes approaches.
“Going by the Supreme Court’s subsequent ruling and order, the N200, N500, and N1,000 notes shall cease to be legal tender, medium of exchange for goods and services in Nigeria, and shall also cease to be in circulation as from January 1, 2025.
The House decried the apparent lack of a comprehensive public awareness campaign to educate citizens on the upcoming changes, noting that the CBN ought to have launched a nationwide sensitisation effort, months in advance, utilising mass media channels such as television, radio, newspapers, and social media.
This, according to Ogene, would ensure that Nigerians are well-informed about the impending phase-out of the old currency notes and the introduction of the new ones.
The House urged the CBN to act swiftly to ensure that adequate measures are in place to prevent confusion and disruption of everyday financial transactions.
The lawmakers also emphasized the importance of educating rural and underserved populations, who may not have immediate access to banking services or digital transactions, about the upcoming changes.